Milwaukee Living Wills and Living Trusts Lawyers
Assisting Clients with Estate Planning Needs Throughout Wisconsin
Many clients come to us asking how to plan for the future. It is tough to consider what might happen in the event of death or incapacity, but it is necessary to prepare for the worst in order to ensure that one’s family is provided for properly. Failing to set up an estate plan may result in one’s assets being distributed in undesirable ways. There are quite a few types of legal instruments that can be used to prepare for one’s death or incapacity.
What is a Living Will?
A will and living will are not one in the same. A will is a legal document that determines how an individual’s property will be distributed at the time of death. A living will addresses the way that health care decisions will be made in the event someone is no longer able to decide for themselves. A living will is often referred to as an advance directive or health care directive. It comes into play in the event an individual suffers from an injury or disease that causes them not to be able to make sound decisions about his or her own health. For instance, an elder suffering from dementia or Alzheimer’s may benefit from having a living will because they may not be able to understand the ramifications of certain decisions.
What is a Living Trust?
A living trust, also referred to as an inter vivos trust, is not like a living will. The living trust consists of a pool of assets which are managed by a trustee for the benefit of some third party. Importantly, a person can still enjoy the assets placed in the trust during his or her life, while ensuring they are protected from creditors and will not need to go to probate in order to transfer to the intended beneficiaries. In fact, avoiding probate is often one of the main goals of placing assets into a trust, as doing so can save your family a significant amount of time and money. Unlike living wills, living trusts do not deal with healthcare issues; they are primarily concerned with the management of assets.
Call Us Today to Speak with a Wisconsin Living Wills and Living Trusts Attorney
The estate planning attorneys of Gimbel, Reilly, Guerin & Brown, LLP are well versed on the various types of testamentary instruments that can be used to plan for one’s future. We have experience creating and executing trusts, wills, powers of attorney, and advance medical directives. Call our office today at 414-271-1440 or contact us online to discuss your options.